ECB mop-up for April is down nearly 60% from the corresponding period a year ago. In April 2012, companies had raised $2.7 billion.
This year, companies have slowed forex borrowings. Companies raised $602 million through the automatic route and $523 million through approval route in April. Out of the total $1.12 billion raised, around 25% was towards import of capital goods. Twelve companies raised $144 million towards financing new projects, the data showed.
Some of the big fund mop-ups include Adani Powers $480 million ECB of a tenure of 9.75 years and Mylan Laboratories $200 million ECB for import of capital goods.
Bharat Forge raised $60 million to meet redemption of foreign currency convertible bonds raised earlier while Varun Shipping raised $20 million to finance an overseas acquisition.
In 2012-13, companies had raised $33 billion through dollar loans for various purposes. During April, the London Interbank Offered Rate (Libor) had eased. Most dollar loans are priced on Libor. The fall in forex loans is despite this ease in cost of borrowing for Indian companies.